Bitcoin's Double Bottom Could Take It To $6800The BTC price is trading in a short-term range between $4400-$5600. On March 13 and 16, the BTC price made a double bottom near $4600. The double bottom is considered a bullish reversal pattern. However, it was not entirely textbook.
The first bottom was characterised by a very long lower wick that reached a low of $3782 (depending on the exchange). However, the price reached a close at around $4600.
The second bottom was cleaner, since the price did not break down below the range support.
The pattern was combined with bullish divergence in the RSI, which completed a failure swing bottom afterwards. This indicates that the price will continue moving upwards. This would be confirmed by a flip of the $5600 level as support. This would also cause the RSI to move above 50, another bullish sign.
A movement that travels the entire height of the pattern would take the price all the way to $6800.
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Bullishdivergencersi
END OF BEARISH MARKET???Hey Guys A blessed Day!
WHAT ARE WE LOOKING INTO?
- we are looking @ 1D Chart where BULLISH DIVERGENCE occurs. StochRSI shows the Higher Lows from February 4th - 19th indicating OVERSOLD, Wherein Price Action shows in the same dates Lower Lows.
- on the 18th of February MA50 crosses above the MA200 indicating GOLDEN CROSS
- Starting January 2020 the Market shows in ASCENDING CHANNEL/ UPWARD PRICE CHANNEL
- Price Action above Ichimoku Cloud as important Resistance/Support Area
- Price Action above MA's 50 & 200 and EMA'S 50 & 200
- May 2020 is the 3rd Halving
As we mentioned the Bullish Divergence occurrence, Wherein 4th of February onward established strongly the 9050$ STRONG RESISTANCE in the Bearish Market to become the SUPPORT KEY.
Last Bearish Candle @ 19th of February after the GOLDEN CROSSOVER creates a MASSIVE & WEIRD MOVEMENTS where FUD & FOMO in the Market occurs, Wherein indicating unpredictable Market Trend.
But what exactly happens?
PULLBACK & RETRACEMENT
- Starting January 2020 we saw UPWARD MOVEMENTS after the BEARISH MARKET OF 2019 from October to November (Until December creating double bottoms and H&S pattern that indicates the Reversal)
- So it is clearly and rightly that the Market will show us CORRECTION & PULLBACK.
What's NEXT?
Remember reading Chart and Patterns using all Indicators and Oscillators must correlates with one another.
Creating Technical Analysis must be at hand wisely and careful, expressing our thoughts in the Market Trend is just what we relate and how we understand the Trend.
NOW, We are seeing a Bullish Divergence with the Doji Candlesticks looking for a REVERSAL.
First, I encourage everyone to DYOR if you want to Trade for LONG and support my Analysis. Better understand the Market Trends.
BEST BUY ZONE to set Order to go LONG @ 9100$ - 9600$
Remember:
1. Trade with a Plan
2. DYOR
3. Make your own Analysis
4. Do Make Capital Risk Management - do not put all your capital
5. Have a Risk Control Management - set STOP LOSS during Trades minimizing your losses
6. Trade Wisely & Emotionless
TARGETS: REMEMBER THIS IS A LONG TERM TRADE
TP1 @ 10500$
TP2 @ 11600$
TP3 @ 12800$
TP4 @ 14000$
SET CAPITAL MANAGEMENT @ 10-20% OF THE CAPITAL ONLY
STOP LOSS @ 30 - 50% losses
Put TRAILING STOP and adjust from time to time to secure gains.
This is my TA if you support and want to use it on Trade kindly have you own research first.
Thanks for reading.
GOD BLESS!
:D KIKZBTC
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Classic bullish DivergenceSTML has formed a classic bullish divergence in which the price is making lower lows while the oscillator associated (in this case the RSI) is making higher lows. Another 'hidden' version of this exists and i am doing my best to try find an example of this.
BTC Long OpportunityLooks to me like we are in a normal flag after a large bullish impulse wave and are testing the bottom of the flag for the last time.
- Price has been flagging after big bullish impulse wave
- Price is at a previous horizontal support level
- Price is retesting downward support line and has just achieved a 4H bullish pin bar right on the support line with a bullish divergence.
LONG - CMT - Trading OpportunityHidden Bullish Divergence on BINANCE:CMTBTC with MA200 reclaimed seems like this is gonna be an easy reversal back to these previous highs.
Entry: 0.00000211
Target 1: 0.00000226
Target 2: 0.00000246
SL: 0.00000203
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AMRN - Getting That Heart PumpingAmarin had a gap down on July 18th that created an Island Reversal pattern. The stock saw another gap down on August 9th. AMRN has pulled back a couple of times after filling the gap creating a double-bottom & a base for the stock. Once again the stock price is testing the top of this fill level but with stochastics reading overbought I would expect another pullback. However, there is a bit of a bullish divergence in price to RSI noted on the chart.
If we can see the next pullback be shallow, falling to around $15.50 - $16 before the next bullish move then I would be looking for an eventual breakout with prices rising to $20. There is another gap above that could lead to $21 in the future.